How to Use Natural Experiments to Estimate Misallocation
提出一种利用准实验证据估计企业政策（如破产法）对资源配置效率影响的方法，考虑了一般均衡效应，无需结构估计或精确假设。应用于法国1980年代银行放松管制，发现全要素生产率提高5%。
We propose a method to estimate the effect of firm policies (e.g., bankruptcy laws) on allocative efficiency using (quasi-)experimental evidence. Our approach takes general equilibrium effects into account and requires neither a structural estimation nor a precise assumption on how the experiment affects firms. Our aggregation formula relies on treatment effects of the policy on the distribution of output-to-capital ratios, which are easily estimated. We show this method is valid for a large class of commonly used models in macrofinance. We apply it to the French banking deregulation episode of the mid- 1980s and find an increase in aggregate TFP of 5 percent.